St Modwen and Telford upbeat on south east
PROPERTY developers Telford Homes and St Modwen said the residential property market in London and the south east of England remained robust and would underpin their growth in 2012.
East London residential developer Telford Homes said pre-tax profits for the year to the end of March leapt 20 per cent to £3m, helped by its growth in the UK capital.
The group reported strong sales across all of its developments, particularly at Bow Trinity and Matchmakers Wharf near to the Olympic Park.
“The fundamentals of the London housing market remain robust and our forward sales position includes over 65 per cent of the open market homes expected to complete in the year to March 31, 2013,” said Telford Homes chief executive Jon Di-Stefano, adding that he expects to see a “substantial increase in profit before tax in the new financial year”.
Meanwhile regeneration specialist St Modwen, whose projects include the Elephant & Castle shopping mall, said recent trade had been strong and that it expected 2012 profit to be ahead of last year.
“Our strategic focus on the residential sector is underpinning our forward momentum, particularly in London and the south east,” chief executive Bill Oliver said.